Corn was higher on commercial and technical buying. Corn’s keeping an eye on weather but given the faster than normal development, yields in some areas may already be below the early projections. In any event, near term commercial demand is neutral, edging towards bullish. Ethanol was modestly higher.

The wheat complex was lower on commercial and technical selling, along with spillover from the outside markets, especially the dollar. Wheat’s also keeping an eye on weather with some rain expected in dry parts of the Black Sea region and eastern Australia. However, while the pattern for the Northern Plains is favorable, the Southern Plains should remain hot and dry over the near term. Ukraine’s Ag Ministry reports 99% of the spring grain crop is planted as of Monday. According to Dow Jones Newswires, South Korea may buy 550,000 tons of feed wheat for October-December arrival but note price is a bigger factor now than in previous months, with feed grade wheat back at a premium to corn.

Boxed beef cutout values were higher on moderate demand and light to moderate offerings. Choice boxed beef was up 1.09 at 195.37, and select was .61 higher at 187.65.

Live cattle futures settled 60 to 177 points lower on the Chicago Mercantile Exchange on Wednesday. There was some recovery near the end of the session as nearby contracts had been posting losses of $2.00 per hundredweight or greater on concerns of sharply lower outside market pressure, while higher corn prices are adding to production costs. Fundamentals had little to say in the direction of the market with noncommercial or investment activity taking control of the market direction according to Rick Kment at DTN. June settled 1.55 lower at 117.80, and August was down 1.77 at 119.50.

Feeder cattle ended the session10 to 170 points lower in an extremely light trade. The tone of the market turned weak following the triple digit losses in the live pit as well as the strong rally in the corn. May settled .10 lower at 152.42, and August was down 1.65 at 158.47.

Feeder cattle receipts at the Ozarks Regional Stockyards at West plains, Missouri totaled 5253 head. Compared to last week, steer and heifer calves were unevenly steady to 2.0-0 lower, although larger uniform bunches of top end quality were steady to 2.00 higher, some instances of 5.00 better. Yearling steers over 650 lbs. were firm to mostly 2.00 higher, yearling heifers over 600 lbs. were mostly 2.00 to 3.00 higher. The supply was moderate to heavy. Feeder steers medium and large 1 weighing 531 lbs. average 188.38 per hundredweight. 573 lb. heifers averaged 171.98.

Lean hogs settled 20 points higher to 1.40 lower. The lean contracts were pressured by the outside markets and spillover weakness from the cattle contracts. The higher than expected stocks of pork in the Cold Storage report yesterday along with the lower pork cutout value also pressured hog futures. Deferred contracts ended higher and support there could signal renewed buyer interest through the end of the week. June settled 1.40 lower at 84.42, and July was down .60 at 85.55.

There was slow to moderate market activity with slow to moderate demand in the hogs on Wednesday. Barrows and gilts in the Iowa/Minnesota direct trade closed 1.15 higher at 84.41 on a carcass basis, the West was up 1.10 at 84.29, and the East was 1.46 lower at 80.49. Missouri direct base carcass meat price closed 1.00 to 6.00 higher from 77.00 to 81.00. Terminal hogs were steady to 1.00 lower from 55.00 to 57.00.

Pork trading was slow to moderate, with mostly light demand and light to mostly moderate offerings. Pork carcass cutout value was down .96 at 78.64.

Wednesday’s hog kill was estimated at 417,000 head, 3,000 more than last week and last year. The monthly cold storage report released on Tuesday confirmed aggressive stockpiling of red meat through April, a very bearish measurement of spring demand.

Corn was lower on speculative and commercial selling, in addition to the outside market direction. A lot like beans, corn was looking at a lack of fresh news and faster than normal planting and development. Also a lot like beans, corn’s continuing to keep an eye on weather conditions around the U.S. Midwest. Ethanol futures were lower.

The wheat complex was lower on commercial and speculative selling, along with the higher dollar. Very similar to corn and soybeans, wheat had no real fresh news and the crop numbers are ahead of average. That said – also keep an eye on wheat weather, both here and abroad, especially the Black Sea region and eastern Australia. There’s some rain in the forecast for all of those areas but there’s also uncertainty about totals and overall coverage. European wheat was down on those chances for rainfall and the lower U.S. trade. Via Dow Jones Newswires, FC Stone Europe pegs Ukraine’s crop at 12 million tons and their low end estimate for Russia is 52 million tons. Australia’s Bureau of Statistics reports wheat stocks at the end of April were 18.92 million tons, down 11% on the month but up 9.3% on the year. 69% of the total is food grade. Japan issued a tender for 152,846 tons of milling wheat (57,255 tons U.S. dark northern spring, 48,786 tons Canadian western red spring, 28,458 tons U.S. hard red winter, and 18,347 tons U.S. western white).

Boxed beef cutout values were weak on choice and firm on select on moderate demand and offerings. Choice boxed beef was down .31 at 184.28, and select was up .57 at 187.04.

Chicago Mercantile Exchange live cattle contracts settled 30 to 55 points higher as renewed support entered the market based on short covering activity and sharp pressure in the corn futures market. Traders in the cattle complex stepped back into the market when front month corn was down 16 cents at midday and continued to fall. June cattle settled .55 higher at 119.35, and August was up .47 at 121.27.

Feeder cattle finished the session 75 to 110 points higher on the losses in corn and the firmness in live cattle futures. Although trade remained light the price firmness should help set the tone for the rest of the week. May settled .65 higher at 152.52, and August was up 1.02 at 160.12.

Joplin Regional Stockyards feeder cattle receipts totaled 5268 head on Monday. Compared to last week, steer calves traded steady to 2.00 higher, yearling steers were steady to 3.00 higher and feeder heifer calves steady to 3.00 higher. Yearling heifers were 1.00 to 3.00 higher. The demand was good on a moderate supply. Feeder steers, medium and large 1 weighing 500 to 600 lbs. traded from 165.00 to 187.00 per hundredweight, 6 to 7 weights from 149.00 to 173.00. Heifers weighing 500 to 600 lbs. brought 147.50 to 167.50, 6 to 7 weights from 138.50 to 150.00.

Lean hog contracts settled 10 to 90 points lower due to the lack of fundamental support in the market. The front months were down the most with the lack of cash market direction adding to the overall market indecision. Trade was sluggish through most of the session. June settled .87 lower at 85.82, and July was down .90 at 86.15.

The hog market was moderate to active, with good demand on Tuesday. Barrows and gilts in the Iowa/Minnesota direct trade closed 1.15 higher at 84.41 on a carcass basis, the West was up 1.10 at 84.29, and the East was 2.04 higher at 81.80. Missouri direct base carcass meat price closed steady from 75.00 to 76.00. Terminal hog prices were .50 higher to 1.00 lower from 54.00 to 57.00.

Pork trading was slow to moderate, with mostly light to moderate demand and moderate to heavy offerings. Pork carcass cutout value was down 2.09 at 79.60.

The Tuesday hog kill was estimated at 415,000 head, 2,000 more than last week, and 6,000 greater than last year.  Saturday’s kill is now expected to be only 10,000 to 12,000 head. Pork processors remain very wary about the strength of seasonal demand and may slow chain speed.